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Promissory Estoppel - Assignment Example

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In the paper “Promissory Estoppel” the author discusses estoppel, which makes promises binding on the promisor despite the lack of consideration and its fundamental requirement is reliance. However, consideration cannot be constituted by mere reliance and estoppel does not comprise a part of a contract. …
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Promissory Estoppel
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Extract of sample "Promissory Estoppel"

Download file to see previous pages Third, annulling the promise made by the promisor or reneging on the promise would constitute an unjust act1.
The sports industry is lucrative and Adam was a manufacturer of sports clothing. He entered into a verbal contract with Moves Ltd, according to which the latter was to transport three thousand rolls of fabric from Adam’s warehouse located in London to his factor, which was in Cheltenham. One of the principal conditions of this contract was that the Moves Ltd would have to deliver a hundred and fifty rolls of fabric every week to Adam’s Cheltenham factory. This task was to be completed in twenty weeks and the price agreed upon for the completion of this contract was £ 20,000.
However, prior to the commencement of these fabric roll deliveries to Cheltenham, the Moves Ltd realized that its delivery van could not transport more than a hundred rolls of fabric per trip. To resolve this dilemma, the Moves Ltd approached Adam and requested him to accept smaller sized deliveries of fabric rolls to his factory. Specifically, the Moves Ltd offered to deliver a hundred rolls per trip over a period of thirty weeks. Adam agreed to this proposal as his business was facing a slump and he was not in much of a hurry to shift the fabric rolls to the Cheltenham factory. In this manner, the revised delivery schedule was accepted by both the parties to the contract.
Five weeks transpired in this manner when Adam managed to bag a very valuable contract with some other party. This contract required him to manufacture a very large number of football shirts. To fulfill this contract, Adam had to operate his factory at its maximum capacity. Consequently, he was compelled to move the fabric rolls. ...Download file to see next pagesRead More
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